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You have many different options for buying life insurance. Policygenius helps to break it down for you. When you're shopping around for a life insurance policy, the easiest way to get started is to realize that there are essentially two kinds of policies: term life insurance and whole life insurance. A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured's death. Term life insurance generally provides protection for a set period of time, while permanent insurance, such as whole and universal life, provides lifetime coverage. It's important to note that death benefits from all types of life insurance.

The cash value component can make whole life more complex than term life because you have to consider surrender fees, taxes, and interest as well as other stipulations. It's important to note that, although term life can be used to replace lost potential income, life insurance benefits are paid at one time in a lump sum, not in regular payments like paychecks. You have a minimum premium to keep the policy in force, you can use the cash value to pay the premium. That means if you have enough money in the cash value, you can use that to skip premium payments entirely, letting the accrued interest do the work. A variable life insurance cash value, though, is more akin to investing. The money paid into it goes into a series of mutual fund-like sub-accounts where you can get some decent growth, but you can also lose money depending on the market. The cash value is more or less placed in the stock market.

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My Life Insurance Experts

We work with top whole life insurance companies to find you the most affordable whole life insurance. life insurance is a type of dividend-paying life insurance that earns a guaranteed cash value at a predetermined fixed rate. Tax-free, low-interest loans can be taken against the cash value of a whole life insurance policy. This is known as a living benefit. The cash value of a whole life insurance policy is the interest and dividends earned on the value of a policy. Some whole life insurance policies earn cash value faster than others. To ensure your policy is maximizing its cash value, speak with a Wealth Strategist. An affordable life insurance option made simple - no medical exam, no health questions, and acceptance is guaranteed between the ages of 50 - 85. The tax free benefits can help with final expenses.

Life Insurance is a straightforward way to give your family a financial safety net if you die during your policy term. As long as you don't make any changes to your policy, you'll pay a fixed monthly premium for a set level of cover with a level term policy. So you and your family know exactly how much they'll be left with if they need to claim. The cover can be used to help pay off an interest-only mortgage, outstanding bills or help protect your loved ones financially. Getting the right amount of coverage depends on a variety of factors. Use our calculator to help you estimate the range of coverage you need to make sure your loved ones are protected. A suite of life insurance products that can help provide tax-free financial assistance to your family after you are gone, and also offers built-in, no-cost living benefits you can use during your lifetime.

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